Newell Brands Inc. has announced continued progress with its ongoing effort to simplify and strengthen its portfolio in a bid to sharpen the company’s strategic focus for growth.
The company has entered into a definitive agreement to sell its Rubbermaid consumer storage totes business to United Solutions, a supplier of plastic products for the home and office. In conjunction with the sale, the parties will enter into a five-year licensing agreement for use of the Rubbermaid brand name. Financial terms of the agreement were not disclosed and are not material.
Newell has also completed its acquisition of Smith Mountain Industries, a provider of premium home fragrance products, sold primarily under the WoodWick Candle brand, subject to customary working capital adjustments.
The company is holding for sale its Pine Mountain fire starters, fire logs, and fire safety business, as well as its Diamond matches, fire starters, lighters, toothpicks, and laundry business.
Sales processes are also under way for a number of other businesses including the company’s two winter sports units, Völkl and K2, and its Heaters, Humidifiers, and Fans business.